Vector injects $77m into CloudSense

The fresh capital will enable the company to invest in product development and expand internationally, with a particular focus on the North American market.

According to a statement, CloudSense has increased its turnover by an average of 60% per year since 2014.

As part of the deal, Vector managing director Matthew Blodgett will take a seat on the CloudSense board of directors.

The US-based GP is currently deploying capital from its fifth fund, a $1.4bn vehicle that held its final close in February 2017. The fund recently invested in a $400m EV deal for the cross-channel marketing business of credit ratings and data analytics group Experian. As part of that deal, the GP invested alongside Salesforce Marketing Cloud co-founder Peter McCormick to acquire a combined 75% stake.

Previous funding
According to publicly available documents, CloudSense raised £10.5m from venture capital investors in the five years between 2012-2016.

Company
London-headquartered CloudSense was founded in 2009 and is a sales and order management platform that operates in conjunction with the Salesforce CRM platform. The business has a headcount of around 300 across eight offices in Europe, the US and the Asia Pacific region.

CloudSense generated an operating loss of £1.7m in its 2016/2017 financial year, according to publicly available documents, though it has become profitable from the second half of that year. It generated a turnover of £21.3m over the year, a 53% year-on-year increase.

People
Vector Capital – Matthew Blodgett (managing director).
CloudSense – Richard Britton (CEO, co-founder).

Advisers
Company – Code Advisors (corporate finance).

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• Expansion
• UK / Ireland
• Technology
• United Kingdom
• Vector Capital